- Singapore businesses have faced challenges with changes to the GST system
- Businesses have had to adjust processes and systems to stay compliant
- Iras announced the implementation of GST InvoiceNow from 2025 onwards
- GST InvoiceNow streamlines invoicing process by transmitting invoices electronically
- E-invoicing is being embraced by tax authorities to improve efficiency and compliance
- Benefits of e-invoicing include efficiency gains, faster processing, and cost savings
- GST InvoiceNow requires detailed sales data transmission to Iras for tax administration
- Iras will have access to transactional data to reduce audits and speed up refunds
- Newly incorporated businesses applying for GST registration from Nov 1, 2025, must comply with GST InvoiceNow requirements.
Source: hosted-content.meltwater.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
